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apps guys. >> they said the same thing when netflix rolled out. >> i don't want to watch nerds developing apps. >> they're doing deep data to analyze every celebrity a person likes. it's a no-brainer. >> jon steinberg, thank you very much. that's it for today. join us tomorrow. now it's time for "squawk on the street." >>> good morning. welcome to "squawk on the street." our special coverage of twitter's initial public offering. i'm carl quintanilla with jim cramer and david faber at the new york stock exchange. twitter finally going public today, pricing 70 million shares, $26 each. that's above the expected range of 23 to 25. company will raise at least $1.8 billion and trade under the ticker twtr. the ipo values twitter at 14, $18 billion that, number still to be determined. we'll talk with twitter ceo dick costolo right after the opening bell, a lot of other special interviews throughout the morning. you've been tweeting. how meta is that about just how overallocated this is? >> i did just about ten minutes ago, speaking to a number of hedge fund managers this morning, who
to hear from david, that there is nothing pertinent that would make it so this seems wrong. i don't think it is right. >> david, you do know mcmillon well. what can you tell us? >> i spent a good amount of time doing our last document on walmart, which has to be about five years ago. then, there was a lot of speculation he would be the next ceo. i remember distinctly discussing it with him. it did make air on the documentary, that idea. he was running international. we spent a couple of days together in china. certainly, well-schooled in international, had run, i believe, cosco prior tco, prior. >> you mean sam's club? >> sam's club, excuse me. >> i know you are on vacation. i have to keep you in line. >> one day of opening boxes. sam's club's, thank you, carl. again, he has been discussed as a ceo even back then, even though he was in his early 40s at the time. i believe now 47. still, clearly a lot of runway ahead of him. somebody who would do a move anywhere for the company and do what was asked of him. we had a fairly frank discussion about that. certainly, somebody who was like a lot
happened in the past 30 minutes. >> they are raising another $1 billion in capital which we don't want to get lost in the shuffle. 28.7% conversion premium. a 6% cue ton. that's pretty rich stuff for a company that many say, jim, didn't necessarily need to raise money or had plenty of cash, that cash being part of it. any potential appeal that it might have had. as for the process itself, we all know it was a difficult one. i had pointed out many a times, the letter of intent that was signed by fairfax back in late september didn't obligate them to anything and financing a potential deal from them was going to be extraordinarily difficult as we reported right here at "squawk on the street" at $9 a share. they step up for $250 million of this convertible the company is issuing today. >> they are becoming the lead director, correct? >> correct. >> major turnover here. this seems to be one that every month is doing worse. so i know you said they don't need the capital but, to me, i look at it. >> they said they don't need the capital. >> when you have that spiral down, capital becomes kin
, which is unusual because they don't have control over them. the communists control everything. >> depends who you ask. some say they have too much control, some say they're able to centralize so many of the services to themselves, they're getting away from policy. northeast asia, the japanese story, the taiwan story, it was all about marshalling state-owned companies to achieve economic outcomes and china has to unclench its claws from some of these companies and allow them to be smaller and more competitive. >> there's two classes of companies that do well. there's the procter & gamble and then there's the ge cap pillars and both have been somewhat stymied of late. i was going to say the tech companies. you know cyber technology better than anybody. te tech companies claiming it's hurting their sales. >> cisco in particular citing china and lack of sales there because of worries about spying. in other words, the same way we won't let waway in this country. >> was there spying in russia and india, too? i don't think it's spying there. >> and cisco suffered in the market yester
. they don't celebrate thanksgiving there. they don't have that seasonal lift like we have here. >> that's true. we start with tiffany, shining just in time for the holiday season. sales in asia helped to shield the outlook and the stock. remember when jos. a. bank withdrew its offer to buy men's wearhouse earlier this month? now there's a twist as men's wearhouse tries to buy jos. a. bank. tiffany's posted better than expected results, total sales in the asia pacific region were up 27%. it raised its full-year forecast. seems like not that long ago, i can remember thinking what's wrong with these guys, they haven't gotten together. suddenly they have. >> their numbers didn't do well. we put together on "mad money" a gatsby index. the gatsby index is up a total of 25% year to date versus the s&p up 15. unfortunately i put coach in there and lululemon but tiffany's has been a real star, powering along with starbucks and michael kors and brunswick, because they make boats. this is the rich people spending, david, globally. >> you've been talking about this as an idea for some time, the gat
wearing a tie, though. >> there won't be that inventory overhang. ♪ looks like we made it i don't know. >> they lost -- $9, they lost $1.94. 740 million in cash flow use. >> they're going to make it through christmas. i'm not saying go by the stock. >> they end with $1.22 billion in cash equivalents, raised $785 million in the sale of shares. >> the preferred has been very strong. that's kind of what i'm saying. jcpenney, it was really important to talk about when it was on life support. now it's in rehab. it's doing some p.t. it's szott some o.t. >> some don't survive rehab. >> if you're good enough, why does that not mean material upside for the stock? >> it want that good. can it go up to 12, 13 over time? yeah, i guess so. but macy's went from 43 to 50. >> it was operational improvements, significant ones. this company was dealt a mortal blow potentially by ron johnson. >> it's not mortal anymore. it's just that i don't think with these kinds of numbers in the most important season that you want to -- you know, goes to 11? >> fabulous. >> would you rather buy penney's or kohl's? is
minaj. they won't tell you what the product is. they lunched them. >> don't we have a connection with him? we ought to call him and see what he launched. >> sounds like a space ship. maybe they launched. >> eddie lambert is going to ipo nicki minaj and ipo craftsman. ipo the auto business. >> what are you left with? >> real estate, enormous value. that has long been -- the underlying value cited by those positive on this. >> after we pantsed them in home depot and everyone thought all of the rest of real estate -- he has done a great job. we don't need sears real estate. that is one of the problems. >> i asked you if you would rather buy j.c. penney or kohl's and you grimaced. target or wal-mart? >> i would rather buy target. i think target in the end, you wait a few days and people start liking it again. stock goes to 66. then we have announcement yesterday on air like -- it's the drosphelia? the may fly. that's what goes on in tech. i studied that. >> have i been pronouncing it wrong since i was 20 years old. maybe we are talking about two different things. >> life cycle of the
>> i hope they wake up in washington because really the country is -- >> we need people who don't have jobs -- >> the country is poised with these great natural assets we have. >> technological. >> technological revolution. what's going to come out of the ground with the fracking and everything, it's amazing. >> richard, thank you so much for being here. that does it for us today. join us tomorrow. right now it's time for "squawk on the street." ♪ one day more >> we are one day away from twitter's debut. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber at the new york stock exchange. futures have a decent tone, despite some stocks that will struggle at the open, like abercrombie, like tesla. and europe got a boost from a blowout number out of manufacturing out of germany this morning. twitter set to price tonight, begin trading tomorrow. right behind us here at post nine. >> tesla shares, they're skidding today after vehicles delivered missed expectations. earnings and revenues did come in ahead of consensus. >> abercrombie and finch post
, they raise their price target from 136 to 117. they don't even mention the amazon/ups deal. they say the value is outpacing demand -- >> i say that's convincing, i would sell it. d.r. horton reports, america's home builder. it's like america's team the cowboys -- not. and i look at this and say how much is that going to be down because the cancellations are bad, the order are bad in the district, some areas of the country are bad and, no, it's up. and i sit there and say what did i miss? i don't think i missed anything. i don't think it should be up. it doesn't matter what i think. buyers are using horton as a move. there's my chance, horton. horton who? >> complacency, complacency. >> you hate to use that term because people have been complacent for a while. >> it's working until it doesn't. >> i love this headline in "usa today" today, "waiting for a 10% correction? don't hold your breath." >> i said there you go. it's going to happen. >> from what level? maybe today. today's the day. because today -- what's going on that we should sell today? >> that we should sell today? >> what
has said we got to save this country's economy. i don't hear anyone else down there trying to think about the economy. >> the difference is the rhetoric we hear all the time but the fed's been the one acting. congress has largely been rendered impotent by this. this is probably the most important economic agency in the world right now. >> she's the most powerful woman. >> yellen versus merckel, exactly. >> walmart down better than expected 3q numbers. same-store sales decline slightly. they're calling the current retail environment competitive heading into the holiday season. and kohl's miss, comp sales down and a rough fourth quarter last year. >> there had been down swell that this was kohl's breakout quarter. i think walmart is less vulnerable. it started going up yesterday like everything was going up but kohl's is just this kind of -- are you kidding me? you're doing this badly? we thought you were doing well. >> was their last quarter an outlier? was macy's yesterday an outlier? >> macy's may be execution. they may have executed better. we may be more of a good managemen manag
showrooming. we don't hear about it anymore, but the idea of so many of these potential sales going online. stacy, what are your expectations? >> online stales are about 10% of the business right now. loon purchases right now, almost 25% are being made on hand-held devices. the guy who is do omni channel, like macy's, they're going to win. >> we can't leave without talking about jcpenney. do you believe they'll be able to turn it around based on this holiday season sp. >> they're up against minus 31 comps, how can they not top comps? have they sent their customer headed for the exits and how do they get them back? that's not a stock i'm involved with. >> stacy and brian, thank you very much. >> happy thanksgiving. >> coming up, black friday from a ceo's perspective, we're going to talk with farooq and steven when we come back. ♪ ♪ looking at covered call strategies to generate income? with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l cal
company. people don't realize it's the european way to travel and the analysts are such snobs, they probably never used it. okay? >> okay. >> you want to look at hertz, too? >> what's been interesting here -- you get this a lot in these names lately. ooh, activist. i'm not hearing it, though. i've been hearing it but you'll get an actual -- >> the equipment rental, will they figure out a way to jet ison that. >> united reynolds would be a logical buyer. >> the -- you felt the government was week against usair. they are talking settlement at this point. the government obviously reagan was a key, amr and u.s.air is a key question. >> that's correct. can you feel it? can you feel it. last night on "mad money," we talked to cramer. if you buy into the market, you can say i'm a buyer at different price levels. i ipo can go to the moon and there is the function of valuation that is the gravity at any price and investors need to understand where is that level they're interested in buying. >> thank you. i was so glad mr. cutler because are prices that people shouldn't pay. >> i talked
that we don't, that because it caught so many people off guard, that maybe the situation in certain areas is worse than we think, although it's good for the euro. the euro is now at a seven-week low versus the dollar and had been going up every day to 138. >> is it -- it's at 133. some of these countries well below 120. for germany it's still a good situation. >> again, they're over there. americans are saying i don't know what they're talking about, i just paid $3 for gasoline. >> europe has been a really good trade. >> fantastic. >> it's been a good place to be. >> yes, it has. >> is it still? >> i think you still want the upward move. we sold the vgk, my charitable trust, it felt like enough is enough. stephanie is someone who likes to nail down a profit. >> stephanie lake approximate. >> great segment. >> people are going to want to see how twitter does after its strong open, up about a third of a percent so holding up there. >> it's going to be watched today, right at $45. it did close today right below the tick price. >> let me give you example. there's two previous twitters. there'
disappear to the sunset. i don't think he does what tim geithner did. disappear to private equity. >> yeah. where does bernanke go? back to academia. >> back to princeton. i don't even know how they did this weekendweekend. who cares. >> any day now they are going to be ready. >>> jim, usa today has a nice piece about dreamforce 2014, talking about the competition that they have at oracle and some of the platforms themselves. the stock is up 14 folds since their ipo in 2004. gaining momentum or not? >> yes, gaining momentum. it's a bit of a revolution. they have really lost their way which is so amazing because when you read the balmer comments. how can you feel bad for a guy who is a billionaire? at the same time, balmer wistful and benioff. >> you're referring to the interview that he gave to the journal and then the down grade to the b of a, stocks liable for about 10%. >> the fact that malloli stock did not go up is how interesting because balmer's comments basically said he's too old. if you want old, malloli will give you old. >> but apparently there are new ideas, jim, than perhaps
mobile tv, et cetera, applications, another leg of growth. >> you don't get concerned about the battle where they go up against the network, try not to pay some of the -- >> it's certainly a battle and the issue, i think they win it. >> bob, thanks for being here. great having you. >> that does it for us. have a great weekend, everybody. right now it's time for "squawk on the street". >> good friday morning. welcome to "squawk on the street." i'm carl quintanilla, jim cramer, david faber and kelly evans. >> after two straight months of gains for stocks, a big jump. the 10-year yield, some of the fed anxiety pushing gold down to two-week lows today, going for its first weekly drop in three. orroad m our road map begins with a 4.5% gain for the s&p. >> the ipad air hits apple stores around the globe today and the lines have already formed. but but we have one on set right now. >> lower refining margins again. >> and thinking outside the box, the container store makes its nyse debut today. >> we'll talk about the ipo coming our way. >> score one for the bulls in october. the do
. i don't know if it's bad. if you look at the ratio, one-sixth of the money that's come back out has come back in. they mentioned the pes in that article, 14-and-a-half, that's kind of regular. all this talk reminds me the people that are really negative, the people that come on air, the professionals, they're worried about taper. they're worried about sequester, they all have something to worry about. people at home are saying, maybe this is an opportunity. kind of a split. >> interesting split, yeah. >> a split. >> well, we do have a big call today out of morgan stanley, downgrading the internet space. it covers the netflixs and the yelps and the pricelines and the opens, bringing it all inline, taking google off the best ideas list. >> this is definitely cold water. it was a slap in the face for a group that has been hot. it remind me once again, you get something that is hot the analysts will pull back. the analysts have been prudent the whole way up. they not best buy the dow was starting to upgrade. i do not think it's the time to leave the internet group. i think it was the ti
in the wall street journal, you wonder about the lack -- increase in the gas tax, we don't talk about that very often, 1993 the last time that went up. it's been 20 years. >> this is something -- i mentioned yesterday i thought this was a good idea. i heard from some people in congress. not ready to gut with it. >> it would be a dramatically positive thing if you had corporate tax reform. >> i think you're going to get it. i think one of the reasons bt market is doing well. there's an undercurrent. things have been going well in washington. except for the fed. i think that could be a big game change per. >> -- game changer. >> yahoo! on wednesday, gmc added some yesterday. today it's gps at more buybacks. you talked about a flowed squeeze in the early part of this year. you have huge inflows on the one side, companies buying back on the other side. >> i was looking at bed bath and ross stores. it was a very bad quarter. ross stores is a big buy stock. they have trimmed the floors dramatically. you go with some of the big ones you hear about, they haven't taken back a lot of stock beca
. >> thank you, simon. except for where's that red there? i don't know even know where that is. >> germany. >> it much smaller than you might this. >> we have a new coalition government in germany. they may be about to expel silvio berlusconi. >> we have a live and exclusive interview with hewlett packard ceo meg whitman is coming up. >> the nasdaq coming off its first close above 4,000 in more than 14 years. >> triple a is projecting more than 43 million americans will journey 50 miles or more away from home between now and sunday but stormy weather on the east coast is wreaking havoc on holiday travel plans for millions of them. let's check in with kayla tausche. she is at newark liberty airport and will give us an update. it's not looking good, though. i don't know how many flights have been cancelled. i assume you'll tell us. >> it's so far so good for travelers at newark. the dreary weather is something they can't change but they're arrive hearing relatively pleasantly surprised that some flights are even leaving early. that's not the case at laguardia and at the airports in philadelp
at penney and yet macy's continues. i don't know if this is bad for penney or has nothing to do with it. >> i think the notion that it's all zero sum has to do with the belief that the consumer is dead. i think the consumer is alive and well, they bought a lot of stuff at best buy, they're buying a lot of stuff at amazon and at macy's. this is contrary to the whole political rap we hear all day. the consumer seems to be immune from the craziness and zaniness of washington. >> and gas prices are turning into something really. >> stats say it's only $120 a person if the tax goes down a dime. this is a payroll tax decrease in the form of going to the p pump. the average fleet of cars is 11, 12 years old. that money is transferred immediately to things like apparel. not just candy bars at the convenience stores. >> it's true, although apparel continues to be somewhat challenging. i don't know within the macy's earnings release what area is doing well. >> kors has been doing incredibly well. >> it has. >> there is a split here. there's the high end -- del frisco's. you eat well, you're high
the oil. i don't know where all the shares are coming from or are people saying one of the things that was so great on the previous frank lake comments in the previous call, someone's whose house is no longer underwater spends three times what someone does whose house is underwater on a mortgage basis. i think this shows you there were many homes that were underwater a few quarters ago that aren't anymore. >> it's not just new homes or sales, it's simply related to the rise in the value of homes, which makes sense. you put money back into the house if there's money to have in the house. >> you don't throw good money after bad. we see these jpmorgan, they've got $4 billion for people whose houses are underwater. you do enough settlements is that just like class action money? does it ever find its way into people's whose homes are underwater? >> apparently they spent a long time trying to work on this particular part of the settlement. one will hope it will figure out to whoever it is dedicated -- >> they're talking about the end of '16 with an independent monitor. >> housing contin
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